Willis Capital LLC v. Belvedere Trading LLC

Illinois Appellate Court
Civil Court
Motions to Vacate
Citation
Case Number: 
2015 IL App (1st) 132183
Decision Date: 
Monday, March 16, 2015
District: 
1st Dist.
Division/County: 
Cook Co.,1st Div.
Holding: 
Affirmed in part and reversed in part.
Justice: 
HARRIS
Plaintiff LLC filed Section 2-1401 petition to invalidate settlement agreement. Defendants defended agreement in response to petition, but agreement is silent as to receiving attorney fees in such circumstances. Court properly found that Plaintiff LLC failed to exercise due diligence in settlement proceedings. Even if Defendant partners in LLC owed a fiduciary duty to Plaintiff, Plaintiff is not relieved of its duty to exercise due diligence in Section 2-1401 petition. (DELORT and CUNNINGHAM, concurring.)